POWERGRID · Power
Power Grid Corporation of India Ltd. reported revenue of ₹11,233 cr for October to December 2024, −2.7% on the year and −0.4% on the quarter.
Operating profit (EBITDA) was ₹9,533 cr, a margin of 84.9%, −323 bps on the year and −23 bps on the quarter. Over the last 7 quarters the margin has ranged from 82.8% to 88.1%, averaging 85.5%. Operating costs grew +23.6%, faster than revenue at −2.7%, so operating profit grew less than sales.
Net profit was ₹3,862 cr, −4.1% on the year and +1.8% on the quarter, with earnings per share of ₹4.15. Profit before other income, one-offs and tax grew faster, at −0.8%; other income, one-offs or tax held the headline back. The tax rate was 22% against an average of 17% over the previous 6 quarters, which weighed on profit this quarter.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹16.71 over the last four quarters, the stock at ₹250.80 trades at 15.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 84.9%, −323 bps on the year (−23 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,267 cr | ₹11,550 cr | ₹11,978 cr | ₹11,006 cr | ₹11,278 cr | ₹11,233 cr | ₹12,275 cr | ₹11,196 cr | ₹11,476 cr | ₹12,395 cr | ₹11,666 cr | ₹11,497 cr |
| YoY | — | — | — | −0% | +0% | −3% | +2% | +2% | +2% | +10% | −5% | +3% |
| EBITDA margin | 86.2% | 88.1% | 82.8% | 86.7% | 85.1% | 84.9% | 83.0% | 81.3% | 78.9% | 85.6% | 45.5% | 82.0% |
| Other income, % of PBT | 6% | 8% | 8% | 7% | 17% | 11% | 7% | 10% | 16% | 8% | 208% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 13% | 16% | 19% | 19% | 19% | 22% | 18% | 19% | 19% | 24% | — | 20% |
| Net profit | ₹3,781 cr | ₹4,028 cr | ₹4,166 cr | ₹3,724 cr | ₹3,793 cr | ₹3,862 cr | ₹4,143 cr | ₹3,631 cr | ₹3,566 cr | ₹4,185 cr | ₹4,546 cr | ₹3,598 cr |
| YoY | — | — | — | +4% | +0% | −4% | −1% | −2% | −6% | +8% | +10% | −1% |
| Core profit YoY | — | — | — | +7% | −6% | −1% | −1% | −6% | −5% | +14% | −104% | +6% |
| EPS | ₹4.07 | ₹4.33 | ₹4.48 | ₹4.00 | ₹4.08 | ₹4.15 | ₹4.45 | ₹3.90 | ₹3.83 | ₹4.50 | ₹4.89 | ₹3.87 |
| Flags | · | · | · | ✓ | ✓ | 1 | ✓ | 1 | 1 | ✓ | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Power Grid Corporation of India Ltd. reported revenue of ₹11,233 cr (−2.7% on the year) and net profit of ₹3,862 cr (−4.1% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −0.8% on the year, against −4.1% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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